The RETIREMENT thread

[Leongsam]

Hi anyone ! Is a sinkie uncle at 50 years old ready for retirement if he has sgd2k to spend monthly per head for the next 35 years I.e 2000x12x35= $840k without factoring in interest & inflation ? KNN

It all depends upon what sort of lifestyle he wants. How much does this uncle need monthly based on his current expenditure levels?

 

[AhMeng]

Hi anyone ! Is a sinkie uncle at 50 years old ready for retirement if he has sgd2k to spend monthly per head for the next 35 years I.e 2000x12x35= $840k without factoring in interest & inflation ? KNN

Your uncle also can withdraw CPF at 55 and at 65 or 70 commence monthly withdrawal. Why not enough.
Enuff lah, Cai Png meals and kopi O sure can!

 

[sweetiepie]

It all depends upon what sort of lifestyle he wants. How much does this uncle need monthly based on his current expenditure levels?

For now while still earning a take home salary of approx $2500 to $3000 he spends about $1500 and save the rest KNN but he is contemplating to quit the job due to some personal reasons KNN but he is unsure should he still go for some other own time own target type of jobs or he can just forget about working if he plan to live as status quo for the rest of his life KNN

 

[sweetiepie]

Your uncle also can withdraw CPF at 55 and at 65 or 70 commence monthly withdrawal. Why not enough.
Enuff lah, Cai Png meals and kopi O sure can!

KNN yeah all these were factored in when he quoted having approx $2000 per mth to spend for the next 35 years after factoring in the cpf frs at 65 and savings KNN

 

[sweetiepie]

Your uncle also can withdraw CPF at 55 and at 65 or 70 commence monthly withdrawal. Why not enough.
Enuff lah, Cai Png meals and kopi O sure can!

Really ? KNN this uncle will be glad to hear this KNN no more leeporting to anyone KNN

 

[AhMeng]

Really ? KNN this uncle will be glad to hear this KNN no more leeporting to anyone KNN

How much can you eat a month.. One simple Tiong Fuji Apple 80 cts already fill my tummy and I can't eat anymore.

 

[sweetiepie]

How much can you eat a month.. One simple Tiong Fuji Apple 80 cts already fill my tummy and I can't eat anymore.

KNN waiting for boss sam reassurance then can tell this uncle the good news KNN maybe boss sam will say jia sai KNN

 

[AhMeng]

KNN waiting for boss sam reassurance then can tell this uncle the good news KNN maybe boss sam will say jia sai KNN

Even nowadays, I find it difficult to spend money. My breakfast consist of yogurt and apple, lunch is usually chick peas with lettuce. Dinner sometimes a piece of grilled seabass or red snapper. How to even hit $50 a day...

 

[sweetiepie]

Even nowadays, I find it difficult to spend money. My breakfast consist of yogurt and apple, lunch is usually chick peas with lettuce. Dinner sometimes a piece of grilled seabass or red snapper. How to even hit $50 a day...

KNN the main psychological effect of using this method is that he will see his money reducing each day so if he still haven't die after 80 he will see his bank account emptying but he has no intention to pass on any money to anyone lah KNN

 

[AhMeng]

KNN the main psychological effect of using this method is that he will see his money reducing each day so if he still haven't die after 80 he will see his bank account emptying but he has no intention to pass on any money to anyone lah KNN

CPF Life how to empty. Pay till he dies. His onus is to live and keep himself healthy as long as he can...

 

[sweetiepie]

CPF Life how to empty. Pay till he dies. His onus is to live and keep himself healthy as long as he can...

My uncle thought cpf life payout from 65 to 85 ? No meh ? KNN

 

[AhMeng]

My uncle thought cpf life payout from 65 to 85 ? No meh ? KNN

CPF life pays till you die. You can make their money if you keep yourself healthy!

 

[Leongsam]

For now while still earning a take home salary of approx $2500 to $3000 he spends about $1500 and save the rest KNN but he is contemplating to quit the job due to some personal reasons KNN but he is unsure should he still go for some other own time own target type of jobs or he can just forget about working if he plan to live as status quo for the rest of his life KNN

What assumptions has he made to arrive at $2000 per month as his retirement income? How much does he currently have in savings?

There are tons of retirement calculators on line where he can plug in numbers for various scenarios.

https://www.calculator.net/retirement-calculator.html

 

[learningsin]

The basics of creating wealth :

1. You have to be working for yourself and not employed by someone else.
2. You have to start an enterprise which has the potential to grow and become valuable. The best businesses in my opinion are those which are subscription based which means that clients/customers pay a monthly fee for your products or services. The enterprise you choose should be something you're interested in and you're good at.
3. You need to work hard to build up a large client base in order to make it attractive to potential investors.
4. You put the business on the market when it is valued at a figure which is at or beyond the goal that you set when you started.
5. You sell it and pocket the money.

If you're still energetic, you can plough a portion of the money into another venture and repeat the process.

Agreed with you on point 1-5. However, one can only start working on point 1 if... he or she is at point 5 or has an inheritance to speak of. :I

 

[Leongsam]

Agreed with you on point 1-5. However, one can only start working on point 1 if... he or she is at point 5 or has an inheritance to speak of. :I

That's not true because I started off while still working for someone else. The money was from my own savings plus a couple of people who invested in my idea. There was no inheritance involved.

 

[learningsin]

That's not true because I started off while still working for someone else. The money was from my own savings plus a couple of people who invested in my idea. There was no inheritance involved.

Well, I assume you are among the lucky ones that had made it. Most people only realised it a bit late in life and got stuck in a rut way too deep to "start-ups". But still, life has to go on until an opportunity presents itself or they make their own opportunity like you did.

 

[learningsin]

Ironically, the truth sometimes ... hurts. Ouch! lolx

 

[sweetiepie]

What assumptions has he made to arrive at $2000 per month as his retirement income? How much does he currently have in savings?

There are tons of retirement calculators on line where he can plug in numbers for various scenarios.

https://www.calculator.net/retirement-calculator.html

KNN it was based on the below figures to derive approx 2k per mth KNN
Current age : 50
Current savings in cash : $520k
Cpf oa : $20k
Cpf sa : $200k
Cpf min sum projected at $220k in year 2024

 

[AhMeng]

KNN it was based on the below figures to derive approx 2k per mth KNN
Current age : 50
Current savings in cash : $520k
Cpf oa : $20k
Cpf sa : $200k
Cpf min sum projected at $220k in year 2024

Why at 50 OA only 20k???

 

[sweetiepie]

Why at 50 OA only 20k???

KNN becas he has not been a high income earner and most of it has been used up to purchase the pigeon hole and the rest transferred to the sa KNN